Green Climate Fund to support climate action projects with USD 1bn

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

October 22 (Renewables Now) - The Green Climate Fund (GCF) will extend USD 1.04 billion (EUR 902.1m) in financing to 19 projects focusing on climate mitigation and adaptation in developing countries.

The funding was approved at the 21st meeting of GCF’s board that took place on October 17-20 in Bahrain. The projects qualifying for the GCF support will represent an investment of over USD 4.24 billion in low-emission, climate-resilient development. The list includes projects in Africa, Asia, Pacific islands and Latin America, such as a green mini-grid programme in the Democratic Republic of Congo (USD 21m), the Indonesia Geothermal Resource Risk Mitigation project (USD 100m) and a Tonga renewable energy scheme (USD 29.9m). The largest portion of the financing will go towards projects in African countries such as Egypt, Morocco, Namibia and Nigeria. Funds will also be extended for a major Green Cities programme targeting countries in Central Asia and Eastern Europe.

At its board meeting, the GCF also launched the fund’s first formal replenishment and accredited 16 new entities as its partner organisations for implementing GCF projects. The World Bank was also selected as the GCF trustee.

Overall, GCF has mobilised some USD 8.06 billion in climate financing, including co-financing, since the start of this year.

(USD 1.0 = EUR 0.867)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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